Sarasota, Venice, and Nokomis, Florida real estate statistics: In the past 10 days, there are 250 new listings, 168 deals just negotiated (under contract/pending), and 296 homes temporarily off the market. How can that be with a "stay-at-home" order during this COVID-19 pandemic? Florida Governor DeSantis has ordered that real estate is an essential service; however, the real estate industry is acting with an abundance of caution to protect against the spread of COVID-19. Many individuals have no alternative but to sell their homes now; in some cases they may not be working and do not want to face foreclosure. Will there be a downturn in the market and price reductions? Hopefully not, but homes are a major investment and if there is equity, it may be time to recoup and get ready to relocate if necessary.
- Alternative virtual business practices for use during the COVID-19 pandemic:
- Virtual Showings: Some Sellers are offering a "virtual showing" instead of a in-person showings.
- In-Person Showings: Sellers disinfect their homes and then leave. Realtor comes in with Buyers wearing gloves, shoe slip covers and masks; Realtors will keep a 6' distance from their clients.
- Taking Home off Market Temporarily. This can change at Seller's discretion at any time and it's very easy to reactivate. This is not the same thing as Cancelling a listing.
- Open Houses: Realtors are not personally holding open houses but we are live-streaming open house events and doing virtual tours of properties.
Our busy winter season was cut short this year, and some of my Buyers went home earlier than they planned. Some of my clients who were planning to be here from MN did not come. I personally believe that the months of June and July will be very busy here for home sales. Maybe it's time to think about the projects that must be done to get your home ready to put on the market. How long has it been since your HVAC has been serviced? Perhaps you have 75 pairs of stiletto heels in your closet, or a garage floor that you haven't seen in years, hornets nests above your front door, doors and windows that need touch-up painting, roof that needs to be pressure washed, or tile grout that needs to be cleaned. My website, LindaHrealtor.com has a tab for DIY projects and easy way to clean tile grout. Walmart has big plastic storage boxes so start putting things in storage that are non-essentials. Pack away family portraits, knick knacks, and sports items. I know this from my own experience showing homes to Buyers. Florida Gator paraphernalia WILL turn off a Georgia Bulldog fan. Sarasota County disposes of old paint cans, and to get there, go down Bee Ridge Road, east to the end. Go shopping online for new towels, throw rugs, and throw pillows. Replace worn carpeting, old cabinet doors, and put in new counter tops - granite or quartz. Remember, you are competing with new homes, so your home needs as many updates as possible, otherwise, you'll be very disappointed at the offers you'll get to purchase your home. I help many seniors sell their homes so they can relocate, and I often hear, "Nothing wrong with this kitchen..it's fine the way it is." Yes, Mrs. Seller, it's as fine for you as it was in 1972, but it's not for today's Buyers who are also looking at new homes. Very important.
I've heard that the Japanese don't collect clutter; if they haven't used something for three months, it's gone, and I try to keep that in mind when I'm clearing out my own clutter. We all have it!
On March 1, 2020, one of my listings came under contract with a closing date of April 30. The Sellers will be purchasing their new home in North Port the same day, about 2 hours later. Everything is on track with both closings. However, there are policies in place to extend closings if a party to either transaction is personally impacted by COVID-19. Example: one of the parties is currently infected by COVID-19 or is self-isolating. Both the Sellers I'm working with and the Sellers for their new home settled for pretty close to their asking prices, so the timing was excellent for everyone to sell.
If I thought that selling my home was in the cards this year, I would get it ready and put it on the market. Only time will tell what the prices will be several months from now, but we have a saying in real estate: "time is of the essence." I would definitely move ahead with my plans so I could get today's price for my home. Future price reductions, if there are any, will show up in the market analysis and it could negatively impact future sales prices.
If you have any questions about real estate in Sarasota, Nokomis, or Venice, Florida, please give Linda Holley a call at 941-914-4914.
Most sincerely yours,
Linda Holley, Realtor, GRI, PalmerHouse Properties
Good afternoon! For the 2,538 people reading my blog from two weeks ago, I hope you enjoyed my homemade chicken soup recipe. We’re all wishing one another good health as we all work through COV-19; and more on that below, after an important announcement.
Last week, I made a business decision to move my real estate license to PalmerHouse Properties, LLC, in Nokomis, 22 miles south of Sarasota. I live in Sarasota and will continue with my real estate sales here and on Siesta Key. However, In the past three years, I have expanded my sales to Nokomis, and Venice, so this is a good fit. PalmerHouse Properties is an Atlanta-based company that is expanding rapidly throughout many states. Last year, they were ranked as the #7 Largest Real Estate Organization by Sales Volume in Atlanta, closing out in 2018 with over $2 billion in sales, selling over 7,755 homes. For the past 8 years, it has ranked in the Top 25 firms, and that upward trend continues. They have been actively selling homes in Sarasota for the past six years, and are doing very well!
I have known the broker, Larry Waters, and his wife, Paula Williams, for years, and the time was right for me to make this move. It’s a totally paperless environment, which will help me get my desk cleaned off…finally! I’m very excited about this career move, and it’s ironic since I started selling real estate in 2007 with Harry Norman, Realtors in Atlanta.
COV-19 and Homebuying/Selling:
With the volatility of the stock market this week, some of our buyers who were planning to pay cash for a property are now getting small loans.
To Show or Not to Show Homes? With the call for social distancing to stop the spread of the COVID-19 virus, Sellers can exercise other options rather than terminate their listing agreements.
- Sellers may change the status of their listing to Temporarily off Market (TOM) if they don't want to show their homes right now. There are rules and guidelines in Florida statutes to cover this listing status, one of which is that Sellers must give written consent. The number of days on the market count will be paused, and that’s a good thing.
The listing will no longer syndicate to Zillow, Realtor.com.
If a Seller decides to accept a showing, the listing can revert to "Active" status.
Agents will not be allowed to do new marketing for the listing but the “For Sale” sign on the property may stay up.
If the listing status remains "Active" and not "TOM," Seller may place reasonable restrictions on the showing times.
Once again, wishing you the best as we move through the challenges of the spring of 2020. If you have questions about real estate in Sarasota, Siesta Key, Venice, or Nokomis, Florida, please don’t hesitate to call me at 941-914-4914.
Linda Holley, Realtor, GRI
PalmerHouse Properties, LLC
479 S. Tamiami Trail, Nokomis, FL 34275
P.S. Eat more chicken soup and enjoy the sunshine!
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